Henley’s 2025 Report Tracks Global Wealth Migration Patterns
The Henley Private Wealth Migration Report 2025, released by international investment migration advisory firm Henley & Partners, sheds new light on the evolving dynamics of global wealth migration. With data based on movements of high-net-worth individuals (HNWIs)—those possessing liquid investable wealth of USD 1 million or more—the report reveals a record 142,000 millionaires expected to relocate globally in 2025. However, the trend in India bucks the global pattern, showing a declining number of millionaire outflows, in contrast to rising migration elsewhere.
This year’s edition underscores a fundamental reshaping of global economic geography, driven by shifting tax regimes, political uncertainty, and strategic migration choices by the wealthy.
India’s Wealth Migration Slows: A Sign of Growing Domestic Confidence?
In a striking reversal of previous years, India is expected to see just 3,500 millionaires emigrate in 2025—a significant drop from 5,100 in 2023 and 4,300 in 2024. This three-year trend reflects a 33% decline in outward wealth migration, suggesting greater confidence in India’s domestic growth story, wealth creation opportunities, and perhaps improving infrastructure for wealth management and lifestyle.
Despite this decrease in numbers, Henley estimates the combined wealth of Indian millionaires moving abroad in 2025 to be USD 26.2 billion. This shows that those who do leave still represent a substantial economic footprint.
Meanwhile, India’s millionaire class continues to expand rapidly. Between 2014 and 2024, the number of Indian HNWIs increased by 72%, a sign that the country’s economic engine remains strong—even as it works to retain more of its wealthy citizens.
Global Picture: Record Millionaire Migration in 2025
Globally, 2025 is set to break records with 142,000 millionaires relocating across borders—driven by a mix of economic uncertainty, tax changes, and lifestyle aspirations. Henley projects an even larger surge in 2026, with 165,000 millionaires expected to move.
At the center of this shift is the United Kingdom, which will see the largest net outflow of HNWIs in the world—16,500 expected to depart, more than double that of China’s projected 7,800.
The UK’s drastic drop from being a magnet for wealth to an exporter is largely attributed to post-Brexit instability and the October 2024 budget, which introduced steep capital gains and inheritance taxes, alongside aggressive reforms targeting non-domiciled residents. The phenomenon is being dubbed “WEXIT” (wealth exit) as affluent individuals seek more favourable jurisdictions.
Where the Wealth is Going: Rise of the UAE and Other Havens
While some countries face outflows, others are becoming wealth magnets. The United Arab Emirates tops the global list in 2025, with 9,800 millionaires expected to settle there, followed by the United States with 7,500.
The UAE’s rise is powered by business-friendly policies, no income tax, and golden visa schemes, particularly attractive to investors from India, Southeast Asia, and Africa. Saudi Arabia, surprisingly, is one of the year’s biggest climbers, expected to welcome 2,400 millionaires, fueled by Vision 2030 reforms and a surge in returning nationals.
Wealthy individuals are also favoring lifestyle-friendly destinations such as Italy, Portugal, Greece, Switzerland, and Monaco. Cities like Dubai, Milan, Lisbon, the Athenian Riviera, and Zug are emerging as new global wealth hubs.
Expert Insight: A Global Reshuffling of Wealth and Power
Henley & Partners CEO Dr. Juerg Steffen notes that this year marks a pivotal shift in the global economic landscape.
“For the first time in a decade, a European country leads the world in millionaire outflows. This trend signals more than tax migration—it points to a shift in where the world’s wealthy see opportunity, freedom, and security.”
According to Steffen, strategic wealth migration is now reshaping national competitiveness, with long-term implications for investment flows, job creation, and innovation ecosystems.
India Holds Steady as Others Bleed Wealth
While countries like the UK and China face growing challenges in retaining their wealthy elite, India appears to be stabilizing, with fewer millionaires choosing to leave despite continued global turbulence.
This shift may reflect improving conditions at home—politically, economically, and socially—as well as a broader change in global perception. As wealth continues to flow across borders in record numbers, India’s ability to retain and grow its millionaire base could prove critical in shaping its future role in the global economy.
In a world of accelerating wealth migration, India’s steady hand may become its greatest asset.
(With agency inputs)
